The AES Corporation Fact Sheets2.q4cdn.com/825052743/files/doc_downloads/Fact Sheet...The AES...
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The AES Corporation Fact Sheet As of May 8, 2017
2 Contains Forward-Looking Statements
Adjusted PTC1 by Strategic Business Unit (SBU)
The AES Corporation (NYSE: AES) is a Fortune 200 global power company. We provide affordable, sustainable energy to 17 countries through our diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Our workforce of 19,000 people is committed to operational excellence and meeting the world’s changing power needs. Our 2016 revenues were $14 billion and we own and manage $36 billion in total assets. To learn more, please visit www.aes.com. Follow us on Twitter @TheAESCorp.
1. A non-GAAP financial measure. See Appendix for definition. 2. Mexico, Central America and Caribbean.
Full Year 2016 Adjusted Pre-Tax Contribution (PTC)1: $1.3 Billion Before Corporate Charges of $0.5 Billion
27%
30%
2%
20%
14%
7%
Asia
Europe US
Brazil
MCAC2
Andes
3 Contains Forward-Looking Statements
Fuel Type SBU
1. Renewables includes: hydro, wind, solar, energy storage, biomass and landfill gas.
AES Total: 34,971 Gross MW in Operation
35%
36%
24%
5%
34%
27%
9%
9%
14%
7%
Oil, Diesel & Pet Coke
Renewables1
Gas
Coal
US
Andes
Brazil
MCAC
Europe
Asia
4 Contains Forward-Looking Statements
Fuel Type SBU
1. Renewables includes: hydro, wind, solar, energy storage, biomass and landfill gas.
AES Total: 25,002 Proportional MW in Operation
40%
38%
17%
5%
44%
25%
4%
10%
12%
5%
Oil, Diesel & Pet Coke
Renewables1
Gas
Coal
US
Andes
Brazil
MCAC
Europe
Asia
5 Contains Forward-Looking Statements
Fuel Type
1. Renewables includes: wind, solar and energy storage.
United States Total: 11,930 Gross MW in Operation
51% 40%
8%
1% Renewables1
Gas
Coal
Oil
6 Contains Forward-Looking Statements
Fuel Type
1. Renewables includes: wind, solar and energy storage.
United States Total: 10,956 Proportional MW in Operation
52% 39%
8%
1% Renewables1
Gas Coal
Oil
7 Contains Forward-Looking Statements
Business Location Fuel Gross MW AES Equity Interest
Date of Acquisition or
Commencement of Commercial
Operations
Contract Expiration
Date Customer(s)
Southland – Alamitos US-CA Gas 2,075 100% 1998 2018 Southern California Edison
Southland – Redondo Beach US-CA Gas 1,392 100% 1998 2018 Southern California
Edison
Southland – Huntington Beach US-CA Gas 474 100% 1998 2018 Southern California
Edison
Shady Point US-OK Coal 360 100% 1991 2018 Oklahoma Gas & Electric
Buffalo Gap II1 US-TX Wind 233 100% 2007 2017 Direct Energy
Hawaii US-HI Coal 206 100% 1992 2022 Hawaiian Electric Co.
Warrior Run US-MD Coal 205 100% 2000 2030 First Energy
Buffalo Gap III US-TX Wind 170 100% 2008
Buffalo Gap I US-TX Wind 119 100% 2006 2021 Direct Energy
Laurel Mountain US-WV Wind 98 100% 2011
Distributed PV – Commercial & Utility US-Various Solar 90 100% 2015-2017 2029-2042 Utility, Municipality,
Education, Non-Profit
Mountain View I & II US-CA Wind 67 100% 2008 2021 Southern California Edison
1. Power Purchase Agreement with Direct Energy is for 80% of annual expected energy output.
Generation – United States
8 Contains Forward-Looking Statements
Business Location Fuel Gross MW AES Equity Interest
Date of Acquisition or
Commencement of Commercial
Operations
Contract Expiration Date Customer(s)
Mountain View IV US-CA Wind 49 100% 2012 2032 Southern California Edison
Laurel Mountain ES US-WV Energy Storage 32 100% 2011
Tait ES US-OH Energy Storage 20 100% 2013
Warrior Run ES US-MD Energy Storage 10 100% 2016
Distributed PV – Residential US-Various Solar 14 100% 2015-2016 2037-2040 Residential
Advancion® Applications Center US-PA Energy Storage 2 100% 2013
UNITED STATES SUBTOTAL 5,616
Generation – United States
9 Contains Forward-Looking Statements
Business Location Type Gross MW AES Equity Interest
Approximate Number of Customers
Served as of 12/31/16
Approximate GWh Sold in
2016 Date of Acquisition
DPL1 US-OH Integrated 3,066 100% 519,000 16,757 2011
IPL2 US-IN Integrated 3,2483 70% 490,000 14,186 2001
UNITED STATES SUBTOTAL 6,314 1,009,000 30,943
1. DPL subsidiary DP&L has the following plants: Tait Units 1-3 and diesels, Yankee Street, Yankee Solar, Monument and Sidney. DP&L jointly-owned plants: Conesville Unit 4, Killen, Miami Fort Units 7 & 8, Stuart and Zimmer. In addition to the above, DP&L also owns a 4.9% equity ownership in OVEC, an electric generating company. OVEC has two plants in Cheshire, Ohio and Madison, Indiana with a combined generation capacity of approximately 2,109 MW. DP&L’s share of this generation is approximately 103 MW. AES Ohio Generation, LLC plants: Tait Units 4-7 and Montpelier Units 1-4. DP&L jointly-owned plants, Stuart and Killen, will be closing on or before June 1, 2018. AES’ share of Stuart and Killen represents 1,255 MW. In April 2017, DP&L agreed to sell Miami Fort Units 7 & 8 and Zimmer (739 MW) to Dynegy.
2. CDPQ owns direct and indirect interests in IPALCO which total approximately 30%. AES owns 85% of AES US Investments and AES US Investments owns 82.35% of IPALCO. IPL plants: Georgetown, Harding Street, Petersburg and Eagle Valley (new CCGT currently under construction).
3. 20 MW of IPL total is considered a transmission asset.
Utilities – United States
10 Contains Forward-Looking Statements
Fuel Type Geography
1. Renewables includes: hydro, energy storage, biomass and solar.
Andes Total: 9,326 Gross MW in Operation
27%
38%
29%
6%
44%
45%
11%
Oil & Diesel Renewables1
Gas
Coal
Argentina
Colombia
Chile
11 Contains Forward-Looking Statements
Fuel Type Geography
1. Renewables includes: hydro, energy storage, biomass and solar.
Andes Total: 6,260 Proportional MW in Operation
26%
34%
34%
6%
53% 36%
11%
Oil & Diesel
Renewables1
Gas
Coal
Argentina Colombia
Chile
12 Contains Forward-Looking Statements
Business Location Fuel Gross MW
AES Equity Interest
Date of Acquisition or Commencement of
Commercial Operations
Contract Expiration
Date Customer(s)
Chivor Colombia Hydro 1,000 67% 2000 Short-term Various
Tunjita Colombia Hydro 20 67% 2016
Colombia Subtotal 1,020
Guacolda1 Chile Coal/Pet Coke 760 33% 2000 2017-2032 Various
Electrica Santiago2 Chile Gas/Diesel 750 67% 2000
Gener – SIC3 Chile Hydro/Coal/Diesel/Biomass 690 67% 2000 2020-2037 Various
Electrica Angamos Chile Coal 558 67% 2011 2026-2037 Minera Escondida, Minera Spence, Quebrada Blanca
Cochrane Chile Coal 550 40% 2016 2030-2034 SQM, Sierra Gorda, Quebrada Blanca
Gener – SING4 Chile Coal/Pet Coke 277 67% 2000 2017-2037 Minera Escondida, Codelco, SQM, Quebrada Blanca
Electrica Ventanas5 Chile Coal 272 67% 2010 2025 Gener
Electrica Campiche6 Chile Coal 272 67% 2013 2020 Gener
Andes Solar Chile Solar 21 67% 2016 2037 Quebrada Blanca
Cochrane ES Chile Energy Storage 20 40% 2016
Electrica Angamos ES Chile Energy Storage 20 67% 2011
Norgener ES (Los Andes) Chile Energy Storage 12 67% 2009
Chile Subtotal 4,202
TermoAndes7 Argentina Gas/Diesel 643 67% 2000 Short-term Various
Argentina Subtotal 643
AES GENER SUBTOTAL 5,865
AES Gener: Colombia, Chile & Argentina
1. Guacolda plants: Guacolda 1, Guacolda 2, Guacolda 3, Guacolda 4 and Guacolda 5. 2. Electrica Santiago plants: Nueva Renca, Renca, Los Vientos and Santa Lidia. 3. Gener – SIC plants: Alfalfal, Laguna Verde, Laguna Verde Turbogas, Laja, Maitenes, Queltehues, Ventanas 1, Ventanas 2 and Volcan. 4. Gener – SING plants: Norgener 1 and Norgener 2. 5. Electrica Ventanas plant: Ventanas 3. 6. Electrica Campiche plant: Ventanas 4. 7. TermoAndes is located in Argentina, but is connected to both the SING in Chile and the SADI in Argentina.
Generation – Andes
13 Contains Forward-Looking Statements
Business Location Fuel Gross MW AES Equity Interest
Date of Acquisition or
Commencement of Commercial
Operations
Contract Expiration
Date Customer(s)
Alicura Argentina Hydro 1,050 100% 2000
Paraná-GT Argentina Gas/Diesel 845 100% 2001
Guillermo Brown1 Argentina Gas/Diesel 576 0% 2016
San Nicolás Argentina Coal/Gas/Oil 675 100% 1993
Los Caracoles1 Argentina Hydro 125 0% 2009 2019 Energia Provincial
Sociedad del Estado (EPSE)
Cabra Corral Argentina Hydro 102 100% 1995 Various
Ullum Argentina Hydro 45 100% 1996 Various
Sarmiento Argentina Gas/Diesel 33 100% 1996
El Tunal Argentina Hydro 10 100% 1995 Various
ARGENTINA SUBTOTAL 3,461
Argentina
1. AES operates this facility through management or O&M agreements and owns no equity interest in this business.
Generation – Andes
14 Contains Forward-Looking Statements
Fuel Type
1. Renewables includes: hydro.
Brazil Total: 3,298 Gross MW in Operation
19%
81% Renewables1
Gas
15 Contains Forward-Looking Statements
Fuel Type
1. Renewables includes: hydro.
Brazil Total: 932 Proportional MW in Operation
32%
68% Renewables1
Gas
16 Contains Forward-Looking Statements
Generation
1. Tietê plants: Áqua Vermelha (1,396 MW), Bariri (143 MW), Barra Bonita (141 MW), Caconde (80 MW), Euclides da Cunha (109 MW), Ibitinga (132 MW), Limoeiro (32 MW), Mog-Quaçu (7 MW), Nova Avanhandava (347 MW), Promissão (264 MW), Sao Joaquim (3 MW) and Sao Jose (4 MW).
Brazil
Business Location Fuel Gross MW AES Equity Interest
Date of Acquisition or
Commencement of Commercial
Operations
Contract Expiration
Date Customer(s)
Tietê1 Brazil Hydro 2,658 24% 1999 2029 Various
Uruguaiana Brazil Gas 640 46% 2000
BRAZIL SUBTOTAL 3,298
Business Location Type AES Equity Interest
Approximate Number of
Customers Served as of 12/31/16
Approximate GWh Sold in 2016 Date of Acquisition
Eletropaulo Brazil Distribution 17% 7,015,909 34,464 1998
BRAZIL SUBTOTAL 7,015,909 34,464
Utilities
17 Contains Forward-Looking Statements
Fuel Type Geography
1. Renewables includes: hydro, solar and landfill gas.
Mexico, Central America & Caribbean (MCAC) Total: 3,239 Gross MW in Operation
33%
25%
23%
19% 26%
33%
24%
17%
Oil & Pet Coke
Renewables1
Gas
Coal
Dominican Republic
Mexico
Panama
Puerto Rico
18 Contains Forward-Looking Statements
Fuel Type Geography
1. Renewables includes: hydro, solar and landfill gas.
Mexico, Central America & Caribbean (MCAC) Total: 2,583 Proportional MW in Operation
34%
25%
20%
21% 25%
36%
18%
21%
Pet Coke
Renewables1
Gas
Coal
Dominican Republic
Mexico
Panama
Puerto Rico
19 Contains Forward-Looking Statements
Business Location Fuel Gross MW AES Equity Interest
Date of Acquisition or
Commencement of Commercial
Operations
Contract Expiration
Date Customer(s)
Andres Dominican Republic Gas 319 90% 2003 2018 Ede Este, Non-
Regulated Users
Itabo1 Dominican Republic Coal 295 45% 2000 2017 Ede Este
DPP (Los Mina) Dominican Republic Gas 236 90% 1996 2022 CDEEE
DOMINICAN REPUBLIC SUBTOTAL 850
AES Nejapa El Salvador Landfill Gas 6 100% 2011 2035 CAESS
Moncagua El Salvador Solar 2.5 100% 2015 2035 EEO
EL SALVADOR SUBTOTAL 9
Mérida III Mexico Gas 505 75% 2000 2025 Comision Federal de Eletricidad
Termoelectrica del Golfo (TEG) Mexico Pet Coke 275 99% 2007 2027 CEMEX
Termoelectrica del Peñoles (TEP) Mexico Pet Coke 275 99% 2007 2027 Peñoles
MEXICO SUBTOTAL 1,055
Dominican Republic, El Salvador & Mexico
1. Itabo plants: Itabo complex (two coal-fired steam turbines and one gas-fired steam turbine).
Generation – Mexico, Central America & Caribbean (MCAC)
20 Contains Forward-Looking Statements
Business Location Fuel Gross MW AES Equity Interest
Date of Acquisition or
Commencement of Commercial
Operations
Contract Expiration
Date Customer(s)
Bayano Panama Hydro 260 49% 1999 2030 Electra Noreste, Edemet, Edechi,
Other
Changuinola Panama Hydro 223 90% 2011 2030 AES Panama
Chiriqui – Esti Panama Hydro 120 49% 2003 2030 Electra Noreste, Edemet, Edechi,
Other
Estrella de Mar I Panama Heavy Fuel Oil 72 49% 2015 2020 Electra Noreste, Edemet, Edechi
Chiriqui – Los Valles Panama Hydro 54 49% 1999 2030 Electra Noreste, Edemet, Edechi,
Other
Chiriqui – La Estrella Panama Hydro 48 49% 1999 2030 Electra Noreste, Edemet, Edechi,
Other
PANAMA SUBTOTAL 777
Puerto Rico US-PR Coal 524 100% 2002 2027 Puerto Rico Electric Power Authority
Illumina US-PR Solar 24 100% 2012 2032 Puerto Rico Electric Power Authority
PUERTO RICO SUBTOTAL 548
Panama & Puerto Rico Generation – Mexico, Central America & Caribbean (MCAC)
21 Contains Forward-Looking Statements
Business Location Type AES Equity Interest
Approximate Number of
Customers Served as of 12/31/16
Approximate GWh Sold in 2016 Date of Acquisition
CAESS El Salvador Distribution 75% 590,971 2,232 2000
CLESA El Salvador Distribution 80% 388,341 894 1998
DEUSEM El Salvador Distribution 74% 78,063 133 2000
EEO El Salvador Distribution 89% 298,026 576 2000
EL SALVADOR SUBTOTAL 1,355,401 3,835
El Salvador Utilities – Mexico, Central America & Caribbean (MCAC)
22 Contains Forward-Looking Statements
Fuel Type Geography
1. Renewables includes: hydro, wind and energy storage.
Europe Total: 4,878 Gross MW in Operation
42%
27%
25%
6% 17%
13%
21% 13%
36%
Oil Renewables1
Gas
Coal
Bulgaria
Netherlands
Jordan
Kazakhstan
United Kingdom
23 Contains Forward-Looking Statements
Fuel Type Geography
1. Renewables includes: hydro, wind and energy storage.
Europe Total: 3,106 Proportional MW in Operation
47%
42%
5% 6%
27%
7%
11%
55%
Oil Renewables1
Gas
Coal
Bulgaria
Netherlands
Jordan
United Kingdom
24 Contains Forward-Looking Statements
Business Location Fuel Gross MW AES Equity Interest
Date of Acquisition or
Commencement of Commercial
Operations
Contract Expiration
Date Customer(s)
Maritza Bulgaria Coal 690 100% 2011 2026 Natsionalna Elektricheska
St. Nikola Bulgaria Wind 156 89% 2010 2025 Natsionalna Elektricheska
BULGARIA SUBTOTAL 846
Amman East Jordan Gas 381 37% 2009 2033-2034 National Electric Power Company
IPP4 Jordan Heavy Fuel Oil 250 36% 2014 2039 National Electric Power Company
JORDAN SUBTOTAL 631
Shulbinsk HPP1 Kazakhstan Hydro 702 0% 1997 2020 Titanium Magnesium Kombiant
Ust-Kamenogorsk HPP1 Kazakhstan Hydro 331 0% 1997 2020 Titanium Magnesium Kombiant
KAZAKHSTAN SUBTOTAL 1,033
Elsta Netherlands Gas 630 50% 1998 2018 Dow Benelux, Delta
Nutsbedrijven, Essent Energy
Netherlands ES Netherlands Energy Storage 10 100% 2015
NETHERLANDS SUBTOTAL 640
Bulgaria, Jordan, Kazakhstan & Netherlands
1. AES operates these facilities under concession agreements until 2017.
Generation – Europe
25 Contains Forward-Looking Statements
Business Location Fuel Gross MW AES Equity Interest
Date of Acquisition or
Commencement of Commercial
Operations
Contract Expiration
Date Customer(s)
Ballylumford United Kingdom Gas 1,015 100% 2010 2023 Power NI and Single
Electricity Market (SEM)
Kilroot1 United Kingdom Coal/Oil 703 99% 1992 Single Electricity Market (SEM)
Kilroot ES United Kingdom Energy Storage 10 100% 2015
UNITED KINGDOM SUBTOTAL 1,728
United Kingdom
1. Includes Kilroot Open Cycle Gas Turbine (OCGT).
Generation – Europe
26 Contains Forward-Looking Statements
Fuel Type Geography
1. Renewables includes: energy storage.
Asia Total: 2,300 Gross MW in Operation
99.6%
0.4%
18%
28%
54%
Coal
India
Philippines
Vietnam Renewables1
27 Contains Forward-Looking Statements
Fuel Type Geography
1. Renewables includes: energy storage.
Asia Total: 1,164 Proportional MW in Operation
99.6%
0.4%
18%
28%
54%
Coal
India
Philippines
Vietnam Renewables1
28 Contains Forward-Looking Statements
Business Location Fuel Gross MW AES Equity Interest
Date of Acquisition or
Commencement of Commercial
Operations
Contract Expiration
Date Customer(s)
OPGC India Coal 420 49% 1998 2026 GRID Corporation Ltd.
INDIA SUBTOTAL 420
Masinloc Philippines Coal 630 51% 2008 Mid- and Long-term Various
Masinloc ES Philippines Energy Storage 10 51% 2016
PHILIPPINES SUBTOTAL 640
Mong Duong 2 Vietnam Coal 1,240 51% 2015 2040 EVN
VIETNAM SUBTOTAL 1,240
India, Philippines & Vietnam Generation – Asia
29 Contains Forward-Looking Statements
Business Location Fuel Interconnection MW Resource MW1 AES Equity
Interest
Date of Acquisition or Commencement
of Commercial Operations
Laurel Mountain ES US-WV Energy Storage 32 64 100% 2011
Tait ES US-OH Energy Storage 20 40 100% 2013
Harding Street ES US-IN Energy Storage 20 40 70% 2016
Warrior Run ES US-MD Energy Storage 10 20 100% 2016
Advancion® Applications Center US-PA Energy Storage 2 4 100% 2013
United States Subtotal 84 168
Cochrane ES Chile Energy Storage 20 40 40% 2016
Electrica Angamos ES Chile Energy Storage 20 40 67% 2011
Norgener ES (Los Andes) Chile Energy Storage 12 24 67% 2009
Chile Subtotal 52 104
Netherlands ES Netherlands Energy Storage 10 20 100% 2015
Netherlands Subtotal 10 20
Masinloc ES Philippines Energy Storage 10 20 51% 2016
Philippines Subtotal 10 20
Kilroot ES United Kingdom Energy Storage 10 20 100% 2015
United Kingdom Subtotal 10 20
ENERGY STORAGE TOTAL 166 332
United States, Chile, Netherlands, Philippines & United Kingdom
1. Resource MW are power plant equivalent dispatchable resource, including supply and load capacity.
Energy Storage
30 Contains Forward-Looking Statements
Fuel Type Geography
1. Renewables includes: hydro, energy storage and solar.
AES Total: 3,399 Gross MW Under Construction
49%
34%
17% 20%
16%
15%
49%
Renewables1
Coal
Gas
US
Andes
Asia
MCAC
31 Contains Forward-Looking Statements
Fuel Type Geography
1. Renewables includes: hydro, energy storage and solar.
AES Total: 1,955 Proportional MW Under Construction
42%
39%
19% 25%
17%
16%
42%
Renewables1
Coal
Gas
US
Andes
Asia
MCAC
32 Contains Forward-Looking Statements
Business Location Fuel Gross MW AES Equity Interest Expected Commercial Operations Date
Eagle Valley CCGT1 US-IN Gas 671 70% 1H 2018
Distributed PV – Commercial US-Various Solar 20 100% 1H-2H 2017
UNITED STATES SUBTOTAL 691
Alto Maipo Chile Hydro 531 40% 1H 2019
CHILE SUBTOTAL 531
DPP (Los Mina) Conversion Dominican Republic Gas 122 90% 1H 2017
Dominican ES Dominican Republic Energy Storage 20 90% 1H 2017
DOMINICAN REPUBLIC 142
Colón2 Panama Gas 380 50% 1H 2018
PANAMA SUBTOTAL 380
OPGC 2 India Coal 1,320 49% 2H 2018
INDIA SUBTOTAL 1,320
Masinloc 2 Philippines Coal 335 51% 1H 2019
PHILIPPINES SUBTOTAL 345
United States, Chile, Dominican Republic, Panama, India & Philippines
1. CDPQ owns direct and indirect interests in IPALCO which total approximately 30%. AES owns 85% of AES US Investments and AES US Investments owns 82.35% of IPALCO.
2. Project also includes 180,000 m3 LNG storage tank and regasification facility, which is expected to come on-line in 2019.
Generation Under Construction
33 Contains Forward-Looking Statements
l 2016 Adjusted EPS1 Roll-Up Slide 34 l Reconciliation Slide 35 l Definitions Slide 36
1. A non-GAAP financial measure. See “definitions”.
Appendix
34 Contains Forward-Looking Statements
FY 2016 FY 2015 Variance Adjusted PTC1
US $347 $360 ($13) Andes $390 $482 ($92) Brazil $29 $118 ($89) MCAC $267 $327 ($60) Europe $187 $235 ($48) Asia $96 $96 -
Total SBUs $1,316 $1,618 ($302) Corp/Other ($474) ($441) ($33)
Total AES Adjusted PTC1,2 $842 $1,177 ($335) Adjusted Effective Tax Rate 23% 29% (6%) Diluted Share Count 662 689 (27) ADJUSTED EPS1 $0.98 $1.25 ($0.27)
$ in Millions, Except Per Share Amounts
1. A non-GAAP financial measure. See Slide 35 for reconciliation to the nearest GAAP measure and “definitions”. 2. Includes $31 million and $87 million for FY 2016 and FY 2015, respectively.
Full Year 2016 Adjusted EPS1 Roll-Up
35 Contains Forward-Looking Statements
$ in Millions, Except Per Share Amounts
FY 2016 FY 2015
Net of NCI2 Per Share
(Diluted) Net of NCI2
Net of NCI2 Per Share
(Diluted) Net of NCI2
Income from Continuing Operations Attributable to AES and Diluted EPS $8 $0.003 $331 $0.48
Add: Income Tax Expense (Benefit) from Continuing Operations Attributable to AES ($148) $275
Pre-Tax Contribution ($140) $606
Adjustments
Unrealized Derivative (Gains) ($9) ($0.02) ($166) ($0.24)
Unrealized Foreign Currency Transaction Losses $23 $0.04 $96 $0.14
Disposition/Acquisition (Gains)/Losses $6 $0.014 ($42) ($0.06)5
Impairment Losses $933 $1.416 $504 $0.737
Loss on Extinguishment of Debt $29 $0.058 $179 $0.269
Less: Net Income Tax (Benefit) - ($0.51)10 - ($0.06)11
ADJUSTED PTC1 & ADJUSTED EPS1 $842 $0.98 $1,177 $1.25
1. Non-GAAP financial measures. See “definitions”. 2. NCI is defined as Noncontrolling Interests. 3. Diluted EPS calculation includes income from continuing operations, net of tax, of $8 million less the $5 million adjustment to retained earnings to record the DP&L redeemable preferred stock at its redemption value as of December 31,
2016. 4. Amount primarily relates to the loss on deconsolidation of UK Wind of $20 million, or $0.03 per share and losses associated with the sale of Sul of $10 million, or $0.02; partially offset by the gain on sale of DPLER of $22 million, or $0.03
per share. 5. Amount primarily relates to the gains on the sale of Armenia Mountain of $22 million, or $0.03 per share and from the sale of Solar Spain and Solar Italy of $7 million, or $0.01 per share. 6. Amount primarily relates to asset impairments at DPL of $859 million, or $1.30 per share; $159 million at Buffalo Gap II ($49 million, or $0.07 per share, net of NCI); and $77 million at Buffalo Gap I ($23 million, or $0.03 per share, net of
NCI). 7. Amount primarily relates to the goodwill impairment at DPL of $317 million, or $0.46 per share, and asset impairments at Kilroot of $121 million ($119 million, or $0.17 per share, net of NCI), at Buffalo Gap III of $116 million ($27 million, or
$0.04 per share, net of NCI), and at U.K. Wind (Development Projects) of $38 million ($30 million, or $0.04 per share, net of NCI). 8. Amount primarily relates to the loss on early retirement of debt at the Parent Company of $19 million, or $0.03 per share. 9. Amount primarily relates to the loss on early retirement of debt at the Parent Company of $116 million, or $0.17 per share and at IPL of $22 million ($17 million, or $0.02 per share, net of NCI). 10. Amount primarily relates to the per share income tax benefit associated with asset impairment of $332 million, or $0.50 per share. 11. Amount primarily relates to the per share income tax benefit associated with losses on extinguishment of debt of $55 million, or $0.08 per share.
Reconciliation of Full Year Adjusted PTC1 and Adjusted EPS1
36 Contains Forward-Looking Statements
l Adjusted Pre-Tax Contribution (a non-GAAP financial measure) represents pre-tax income from continuing operations attributable to AES excluding gains or losses of both consolidated entities and entities accounted for under the equity method due to (a) unrealized gains or losses related to derivative transactions, (b) unrealized foreign currency gains or losses, (c) gains or losses due to dispositions and acquisitions of business interests, (d) losses due to impairments, and (e) costs due to the early retirement of debt, adjusted for the same gains or losses excluded from consolidated entities. It includes net equity in earnings of affiliates, on an after-tax basis. The GAAP measure most comparable to Adjusted PTC is income from continuing operations attributable to AES. AES believes that Adjusted PTC better reflects the underlying business performance of the Company and is considered in the Company’s internal evaluation of financial performance. Factors in this determination include the variability due to unrealized gains or losses related to derivative transactions, unrealized foreign currency gains or losses, losses due to impairments and strategic decisions to dispose or acquire business interests or retire debt, which affect results in a given period or periods. Earnings before tax represents the business performance of the Company before the application of statutory income tax rates and tax adjustments, including the affects of tax planning, corresponding to the various jurisdictions in which the Company operates. Adjusted PTC should not be construed as an alternative to income from continuing operations attributable to AES, which is determined in accordance with GAAP.
Definitions